Asia must cut export dependency

http://news.bbc.co.uk/2/hi/business/8031456.stm

The Asian Development Bank has said that the export driven countries of Asia must rely less heavily on exports and work to increase domestic demand for goods. It also stated that governments must spend more to reduce poverty while restructuring to more domestic-driven growth. The implications of this is if it is successful are many. These countries would become less prone to boom and bust growth at the whims of developed world consumers and would be able to continue growing. It could also lead to an increase in the cost of goods because demand would be increased and fewer goods would be flowing to the developed world. It would be good for these countries to reevaluate their present economic model.

by Andrew Horton